Ipswich manager Paul Hurst is set to speak further with Collins about signing for the club.
The 35-year-old is a free agent following his release by West Ham this summer and can therefore still find a new employer, despite the permanent and loan windows being shut.
"We spoke to him last week and are due to have another conversation," Hurst, quoted by the East Anglian Daily Times, said after Sunday's 1-1 draw with rivals Norwich.
"I wouldn't particularly rule it out. It's certainly not a case of him just coming in to sign paperwork, but it's something we will look at."